Sensex Closes Nearly 200 Points Lower; Nifty Ends Near Two-Month Low Ahead Of Budget
A financial trader monitors data on computer screens on the trading floor inside the Amsterdam Stock Exchange. (Photographer: Jasper Juinen/Bloomberg)  

Sensex Closes Nearly 200 Points Lower; Nifty Ends Near Two-Month Low Ahead Of Budget

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Closing Bell: Sensex Closes Nearly 200 Points Lower; Nifty Ends Near Two-Month Low Ahead Of Budget

Indian indices extended fall for the seventh consecutive trading session ahead of the Union Budget, which will be presented tomorrow by Finance Minister Nirmala Sitharaman.

The S&P BSE Sensex fell 0.47 percent to close at 40,723.49 and the NSE Nifty 50 fell 0.61 percent to end at 11,962.10, the lowest since Dec. 11, 2019. The broader markets represented by the NSE Nifty 500 Index fell 0.58 percent.

The market breadth was tilted in favour of sellers. About 1,079 stocks declined and 668 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Metal Index’s 2.3 percent fall. On the flipside, the NSE Nifty Realty Index was the top sectoral gainer, up 1.2 percent.

Tech Mahindra Swings After Q3 Results

Shares of Tech Mahindra fluctuated between gains and losses to trade 0.9 percent higher at Rs 799 after the company announced December quarter results.

Key Earnings Highlights (Q3, QoQ)

  • $ Revenue up 7.3 percent to $1,353 million (Estimate: $ 1,330 millon)
  • Revenue up 6.4 percent to Rs 9,655 crore (Estimate: Rs 9,655 crore)
  • EBIT up 8.4 percent to Rs 1,179 crore. (Estimate: Rs 1,183 crore)
  • EBIT Margin at 12.2 percent versus 12 percent (Estimate: Rs 12.5 percent)

Fab Four Stocks Of The Day

Indiabulls Real Estate

  • Stock hit their upper circuit of 5 percent at Rs 106.85.
  • Board gives in-principle proposal of merger of commercial assets and residential assets of Embassy Group with company.
  • Embassy Group is in discussion with financial investors such as Blackstone Group to raise $200mn before merger.
  • Merged arm will be the development arm for commercial and residential assets.
  • Merger Swap Ratio to be fixed at later date.

Nesco

  • Stock rose as much as 6.6 percent to Rs 770.
  • Company at debt free levels and brokerages expect stable cash flows coming to the company
  • Management Commentary was positive for Bombay Exhibition Centre and new I.T. buildings.

Century Textiles & Industries

  • Stock rose as much as 7.2 percent to Rs 656.90.
  • Fresh longs seen with high open interest of 21 percent.
  • Trading volume was three times its 20-day average.

V-Guard

  • Stock rose as much as 3.7 percent to Rs 231 after announcing December quarter results.

Key Earnings Highlights (Q3, YoY)

  • Revenue up 5.4 percent to Rs 626.6 crore.
  • Net profit up 27.3 percent to Rs 42.9 crore.
  • Ebitda up 32 percent to Rs 59.4 crore.
  • Margin at 9.5 percent versus 7.6 percent.

ONGC Falls 8% To Near 11-Year Low

Shares of Oil & Natural Gas Corporation fell as much as 7.7 percent to Rs 106.75, the lowest since March 6, 2009.

About 11 lakh shares of the company changed hands in a large trade at around 10 a.m., Bloomberg data showed. Buyers and sellers were not known immediately.

Trading volume was almost six times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be oversold.

Stocks Moving On Heavy Volumes

Security & Intelligence Services

  • Stock fell as much as 10.9 percent to Rs 479.90.
  • Trading volume was more than 17 times its 20-day average.

Star Cement

  • Stock fell as much as 4.2 percent to Rs 83.20.
  • Trading volume almost 17 times its 20-day average.

3M India

  • Stock rose as much as 9.1 percent to Rs 24,139.90.
  • Trading volume was more than 14 times its 20-day average.

NESCO

  • Stock rose as much as 6.6 percent to Rs 770.
  • Trading volume was nine times its 20-day average.

Indiabulls Real Estate Hits 5% Upper Circuit On Business Restructure Plans

Shares of Indiabulls Real Estate hit their upper circuit of 5 percent at Rs 106.85.

The company plans to restructure its business and will merge certain assets of Bengaluru-based Embassy Property Developments, the real estate developer said in a statement to the exchanges.

“Under the proposed merger, certain ongoing, completed and planned residential and commercial projects of Embassy will get merged and stand transferred to Indiabulls Real Estate,” the statement read.

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